# In the matter of Sunshine Infrabuild Corporation Limited IA-4912 - 2020 in CP-IB-1514-ND-2019

> NCLT judgment dated 2020-12-15. Citation: TCN-2020-NCLT-00083. The case involves an application (IA-4912/2020) filed in IB/1514/ND/2019 under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 15 Dec 2020
- **Citation:** TCN-2020-NCLT-00083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunshine-infrabuild-corporation-limited-ia-4912-2020-in-cp-ib-1514-nd-2019-42f375a2

## Summary

### Background

The case involves an application (IA-4912/2020) filed in IB/1514/ND/2019 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order for the Corporate Debtor, Sunshine Infrabuild Corporation Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated earlier under Section 7 of the I&B Code, 2016, following an order dated 17.12.2019. Mr. Pawan Kumar Goyal was appointed as the Interim Resolution Professional (IRP) and later as Resolution Professional (RP). The IRP took over the management, issued newspaper publications inviting claims, and constituted a Committee of Creditors (CoC). Six CoC meetings were held, but no resolution plan was received.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sunshine Infrabuild Corporation Limited under Section 7 of the I&B Code, 2016, based on an application by a creditor. Mr. Pawan Kumar Goyal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP took over the management of the Corporate Debtor and issued public announcements inviting claims from creditors. Six meetings of the Committee of Creditors (CoC) were held. The RP issued Form G inviting Expression of Interest (EOI) on 07.08.2020, but no resolution plan was received. The RP determined that the Corporate Debtor had been non-operational for more than two years and had no significant realizable physical assets. In the 6th CoC

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the I&B Code, 2016, should be …

**Ratio:** Section 33(2) of the I&B Code, 2016, allows for the initiation of liquidation

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**Reasoning:** The court reasoned that since no resolution plan was received despite efforts to invite

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**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** Given that no resolution plan was received and the CoC approved liquidation,

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## Parties

- **Judges:** Ch. Mohd Sharief…; Shri. Narendra…
- **Appellants:** Pawan Kumar…
- **Respondents:** Sunshine Infrabuil…
- **Advocates:** Ishwar Moh…

## Timeline

- **2019-12-17 — CIRP Init…**: Order passed initiating CIRP under…
- **2019-12-22 — Newspaper Pub…**: IRP issued newspaper publication…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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